Hsbc Holdings PLC boosted its stake in shares of CubeSmart (NYSE:CUBE - Free Report) by 9.6% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 360,492 shares of the real estate investment trust's stock after acquiring an additional 31,506 shares during the quarter. Hsbc Holdings PLC owned approximately 0.16% of CubeSmart worth $15,431,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also modified their holdings of the company. Versant Capital Management Inc increased its holdings in shares of CubeSmart by 9,614.3% in the fourth quarter. Versant Capital Management Inc now owns 680 shares of the real estate investment trust's stock valued at $29,000 after purchasing an additional 673 shares in the last quarter. Blue Trust Inc. increased its holdings in shares of CubeSmart by 74.9% in the fourth quarter. Blue Trust Inc. now owns 675 shares of the real estate investment trust's stock valued at $29,000 after purchasing an additional 289 shares in the last quarter. Jones Financial Companies Lllp increased its holdings in shares of CubeSmart by 134.1% in the fourth quarter. Jones Financial Companies Lllp now owns 679 shares of the real estate investment trust's stock valued at $29,000 after purchasing an additional 389 shares in the last quarter. SRS Capital Advisors Inc. increased its holdings in shares of CubeSmart by 310.6% in the fourth quarter. SRS Capital Advisors Inc. now owns 739 shares of the real estate investment trust's stock valued at $32,000 after purchasing an additional 559 shares in the last quarter. Finally, UMB Bank n.a. increased its holdings in shares of CubeSmart by 59.4% in the fourth quarter. UMB Bank n.a. now owns 942 shares of the real estate investment trust's stock valued at $40,000 after purchasing an additional 351 shares in the last quarter. Institutional investors and hedge funds own 97.61% of the company's stock.
Analyst Upgrades and Downgrades
A number of analysts have commented on the stock. Scotiabank lowered shares of CubeSmart from a "sector outperform" rating to a "sector perform" rating and lowered their target price for the stock from $52.00 to $46.00 in a report on Wednesday, March 5th. Wells Fargo & Company lowered their target price on shares of CubeSmart from $50.00 to $44.00 and set an "equal weight" rating for the company in a report on Friday, February 21st. Truist Financial raised shares of CubeSmart from a "hold" rating to a "buy" rating and lowered their target price for the stock from $50.00 to $47.00 in a report on Friday, January 17th. Barclays lowered their target price on shares of CubeSmart from $50.00 to $49.00 and set an "equal weight" rating for the company in a report on Wednesday, March 12th. Finally, KeyCorp raised shares of CubeSmart from a "sector weight" rating to an "overweight" rating and set a $47.00 target price for the company in a report on Thursday, March 6th. Nine investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average target price of $47.31.
Check Out Our Latest Report on CUBE
CubeSmart Trading Up 0.7 %
Shares of CUBE stock traded up $0.28 on Thursday, hitting $40.95. The stock had a trading volume of 1,960,265 shares, compared to its average volume of 1,455,057. The firm has a market cap of $9.37 billion, a P/E ratio of 23.13, a PEG ratio of 11.58 and a beta of 0.85. The company has a current ratio of 0.20, a quick ratio of 0.20 and a debt-to-equity ratio of 1.02. CubeSmart has a twelve month low of $34.24 and a twelve month high of $55.14. The company has a fifty day moving average price of $40.58 and a two-hundred day moving average price of $43.53.
CubeSmart (NYSE:CUBE - Get Free Report) last announced its earnings results on Thursday, May 1st. The real estate investment trust reported $0.64 earnings per share for the quarter, topping analysts' consensus estimates of $0.63 by $0.01. CubeSmart had a net margin of 37.79% and a return on equity of 14.33%. As a group, analysts forecast that CubeSmart will post 2.64 earnings per share for the current fiscal year.
CubeSmart Dividend Announcement
The business also recently announced a quarterly dividend, which was paid on Tuesday, April 15th. Investors of record on Tuesday, April 1st were paid a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a yield of 5.08%. The ex-dividend date was Tuesday, April 1st. CubeSmart's payout ratio is presently 120.93%.
About CubeSmart
(
Free Report)
CubeSmart is a self-administered and self-managed real estate investment trust. The Company's self-storage properties are designed to offer affordable, easily accessible and, in most locations, climate-controlled storage space for residential and commercial customers. According to the 2023 Self-Storage Almanac, CubeSmart is one of the top three owners and operators of self-storage properties in the United States.
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